Euro Area: Business-activity slump sharpens in December

Euro Area PMI December 2023

Euro Area: Business-activity slump sharpens in December

The HCOB Global Composite Purchasing Managers’ Index (PMI) fell to 47.0 in December from 47.6 in November. Consequently, the index remained entrenched below the 50 no-change threshold, signaling another deterioration in business conditions compared to the prior month.

The services PMI contracted at a faster pace in December, while the manufacturing PMI recorded a stable pace of contraction. Output and new orders continued to fall at sustained paces, while business confidence remained notably downbeat. Moreover, employment fell for the second consecutive month.

On the price front, input cost inflation cooled, while output price inflation accelerated.

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